Bitcoin Slips Below $100,000 on Coinbase for the First Time Since June

Bitcoin slipped below the $100,000 mark on Coinbase on Wednesday, breaking a level it had managed to defend since June and reminding traders that the latest leg of the rally remains fragile. The move did not come with the kind of panic or cascading liquidations seen in past crypto downturns, but it was a clear signal that spot demand has cooled and that the market is currently more inclined to take profit than to chase price higher. On lower-liquidity order books, even modest selling pressure was enough to push the price through a widely watched psychological threshold, triggering fresh discussion about whether bitcoin’s summer consolidation is giving way to a deeper retracement.

Price action across major venues suggested that the weakness was centered on U.S.-based trading, with Coinbase showing the break first while other exchanges hovered slightly above the level. That kind of divergence is not unusual when liquidity is uneven and when large orders are routed through a single venue. Market participants noted that, over the past few weeks, bitcoin has repeatedly failed to establish a stable base above near-term resistance, creating an environment where sellers have the tactical advantage: every rally is met with supply, while buyers are waiting lower. When that dynamic persists, key round numbers—like $100,000—become less like floors and more like checkpoints the market can temporarily lose.

Behind the price, the story is familiar. Spot inflows have slowed, derivatives positioning is more cautious, and the macro backdrop is not providing the tailwind it did earlier in the year. A firmer U.S. dollar and renewed uncertainty around upcoming economic data have kept risk assets from extending higher, and bitcoin, despite its “digital gold” narrative, continues to trade with at least some sensitivity to broader appetite for risk. In that context, a short-lived break below $100,000 does not necessarily represent a structural shift, but it does underline how dependent the current bitcoin range is on steady, incremental buying—something the market did not see enough of today.

Traders also pointed to technical factors. Since June, bitcoin has been carving out a sideways pattern that left clear support and resistance bands on the chart. Each time price approached the upper end of that range, selling reappeared; each time it drifted toward the lower end, dip buyers stepped in. What made today different is that the buy side was slower, allowing price to slip under a level many retail participants were watching. That kind of breach can invite algorithmic follow-through or at least discourage short-term longs from holding their positions. Still, the initial move lower was orderly, suggesting the market was repricing rather than capitulating.

The rest of the crypto market reflected the same cautious tone. Major altcoins edged lower in sympathy, but none showed the kind of aggressive underperformance that would signal a marketwide rush for the exits. That is consistent with a session driven more by bitcoin-specific supply than by a broad shift in sentiment. It also means the door is open for a quick recovery if buyers decide that sub-$100,000 levels represent value. Much will depend on whether new catalysts emerge—regulatory clarity, product launches, or macro data that revives the “higher for longer is over” narrative—that can attract fresh capital instead of just recycling existing liquidity.

For now, analysts are framing the move as a test, not a breakdown. As long as bitcoin can reclaim the figure or at least stabilize just below it, the market can fold today’s action into the larger consolidation that has defined trading since early summer. A deeper and more impulsive move lower, by contrast, would shift attention to the support zones carved out in June and to the positioning of leveraged traders, whose liquidations can accelerate downside once certain thresholds are hit. Until then, the message from today’s tape is simple: the trend is not collapsing, but buyers no longer have a free pass.

Sources: BeInCrypto; market data from major spot exchanges.